How will you decide if I get my loan?
Before accepting you for a loan, we will assess whether you can afford to repay the loan and as part of this we will obtain information from Credit Reference Agencies. There are three main Credit Reference Agencies in the UK - Experian, Equifax and Callcredit. The one used for Bank of Ireland (UK) Personal loans is Equifax.
Credit Reference Agencies collect information about your financial dealings, including information about other borrowings and missed payments as well as County Court Judgements (CCJs) where applicable. This way they build up a financial picture of you and this is then shared with banks and building societies, with your permission, to help them decide whether to lend to you. Once you’re 18 or over you can request your own credit report from any of the three Credit Reference Agencies for a small charge.
Each time you apply for credit, a ‘footprint’ is created on your credit file. While credit application footprints are not themselves negative, if you collect a lot of them over a short period it can be a cause for concern. This is because a rush of credit applications very close together can be a sign of fraud, or can indicate that you are experiencing financial difficulties. Therefore applications should be spaced out where possible. If you’re simply comparing the market and shopping around for the best deal, you shouldn’t submit a full application until you’ve made up your mind which is the best deal for you.
As part of deciding whether or not to lend you money, fraud prevention agencies are also consulted to ensure the person making the application is who they say they are i.e. someone else isn’t pretending to be you.
- Is the interest rate fixed?
- Can I apply in joint names?
- Do you charge any arrangement fee?
- Do you have a Loan Calculator?
- Why does the APR on my new quote differ from my existing loan?
- What can I use my Personal Loan for?
- Over how long can I take a loan?
- How much can I borrow?
What criteria do I need to meet before I can apply?
Each applicant must meet the following initial criteria:
- Must be a minimum age of 18 (26 for applications to refinance debt held elsewhere)
- Must be a UK or Republic of Ireland resident
- UK residents must hold a personal current account with a UK bank
- Republic of Ireland residents must hold a personal current account with either Bank of Ireland (UK) or Bank of Ireland (Ireland) for at least 6 months
- Have a good credit history
What is APR?
APR is the Annual Percentage Rate (APR) which shows the overall cost of credit as an annual rate of charge. It takes into account the interest, charges and any other costs involved in getting credit, which makes it easy to compare across the market.